“Fortis and Central Hudson shareholders are about to get away with stealing money from the ratepayers of this community,” said Assemblyman Kevin Cahill, D-Kingston.

The nine speakers accused Central Hudson of exaggerating the customer benefits and said foreign ownership would reduce accountability and commitment to renewable energy. Some 40 people attended the hearing at Kingston City Hall.

Fortis, a Canadian utility firm, proposed buying Central Hudson for $1.5 billion in February 2012. The deal requires approval from the Public Service Commission and is expected to close by June 30.

Several speakers said classifying a rate freeze until July 2014 as a customer benefit is disingenuous since Central Hudson is incapable of raising rates during that time, and fails to protect against substantial rate hikes after that point.

That was deemed a $17 million customer benefit in a $50 million benefit package.

The $500,000 for low-income assistance programs is insufficient, Cahill said, since that would provide just $42 to each customer who’s had their electricity shut off and $25 for each customer behind on payments.

Speakers also questioned Fortis’ practices elsewhere, particularly relating to a contentious dam project pushed through by a Fortis subsidiary in Belize, which activists said filled a downstream river with silt, killing plants and fish.

They worried foreign ownership would impede post-acquisition oversight in New York.

“Fortis globally has a very negative reputation,” said environmentalist Manna Jo Greene. “Central Hudson locally - in this service area - has a very positive reputation.”

Shareholder Karl Bunman said the acquisition provides little benefit to shareholders and serves only to enrich upper management. The change in control could yield as much as $8.7 million for CH Energy Group CEO Steven Lant and $5.9 million for Executive Vice President James Laurito.

More than 90 percent of CH Energy shareholders, though, voted in favor of the Fortis acquisition in June 2012.